Investment potential within the payments industry | EP69
A deep dive into the themes, fundamentals, and opportunity sets in the payments industry.
The Art of Boring™ was created for curious and passionate investors. We share strategies, frameworks, and insights to help readers and listeners make better investment decisions. Our aim? To provide some bottom-up, long-term investing signal to cut through the short-term noise.
A deep dive into the themes, fundamentals, and opportunity sets in the payments industry.
The impacts, risks, and potential opportunities from the COVID-19 crisis fallout on the Canadian small cap universe, and why valuations are ultimately a “blunt tool.”
A review of the quarter: a significant rebound in markets, the potential impacts of continuous monetary and fiscal stimulus, and deglobalization.
Why the current market environment “feels like 2030 is happening in 2020,” our perspective on the recent market recovery, and more.
The implications of cloud migration for enterprises, investors, and business models.
Back in March, as physical distancing practices were being implemented globally, I was bemused by contrasting provocatively titled articles published within a day of one another.
Why the strategy was created, how it was launched, and some holding examples.
Deputy CIO Christian Deckart discusses natural contradictions in the portfolio and how the team plays “intellectual best ball.”
Exploring the why behind the FAANG’s outsized stock returns and the overall challenges of valuating tech companies.
CIO Paul Moroz weighs in on recent movements in the market and how we may have “crossed the Rubicon” with respect to direct fiscal stimulus and are perhaps seeing the “collapse of the bond standard.”
Lead portfolio manager, Grayson Witcher, discusses how the team is positioning the portfolio amidst the current uncertainty.
A review of the quarter: how we’re positioning our portfolios and what investors should keep in mind during these volatile times.
A deep dive into the themes, fundamentals, and opportunity sets in the payments industry.
The impacts, risks, and potential opportunities from the COVID-19 crisis fallout on the Canadian small cap universe, and why valuations are ultimately a “blunt tool.”
A review of the quarter: a significant rebound in markets, the potential impacts of continuous monetary and fiscal stimulus, and deglobalization.
Why the current market environment “feels like 2030 is happening in 2020,” our perspective on the recent market recovery, and more.
The implications of cloud migration for enterprises, investors, and business models.
Back in March, as physical distancing practices were being implemented globally, I was bemused by contrasting provocatively titled articles published within a day of one another.
Why the strategy was created, how it was launched, and some holding examples.
Deputy CIO Christian Deckart discusses natural contradictions in the portfolio and how the team plays “intellectual best ball.”
Exploring the why behind the FAANG’s outsized stock returns and the overall challenges of valuating tech companies.
CIO Paul Moroz weighs in on recent movements in the market and how we may have “crossed the Rubicon” with respect to direct fiscal stimulus and are perhaps seeing the “collapse of the bond standard.”
Lead portfolio manager, Grayson Witcher, discusses how the team is positioning the portfolio amidst the current uncertainty.
A review of the quarter: how we’re positioning our portfolios and what investors should keep in mind during these volatile times.
To be sure, there are many reasons a company may prefer to turn to private investors over more traditional public markets, but as more companies choose private funding when they need to raise capital, what are the implications for investors in public markets?
Last week, Morningstar interviewed international equity portfolio manager David Ragan about finding resilient stocks in international markets during turbulent times.
How can a business continue to grow while still retaining the internal characteristics that helped contribute to its past success?
Canadian insurance companies are no longer just in the business of selling insurance to Canadians. They function more like financial conglomerates, and that, for investors, is potentially a good thing.
Given how often “defensive” enters into the investing lexicon and that it can mean different things to different people, aiming for a greater degree of precision in its definition may help to reduce misunderstanding or generalized historical bias.
In theory, investors should improve at least linearly over time as they make and learn from errors. But in practice, there seems to be little evidence of this (only few active managers beat the market over longer time periods).
Italy has been the source of drama in recent weeks, and it hasn’t all been about men racing bicycles in spandex.
These 15 questions are by no means exhaustive—they are not intended to be—but they serve as a helpful checklist for the main structural factors to consider when assessing a country’s macroeconomic backdrop.
Humans and machines have different strengths and weaknesses, and on our team, we tend to see the foreseeable future as a world in which the two work side-by-side. As with any tool, for machine learning to be useful, it is what it is being used for and how that matters.
It is possible for smaller companies to punch above their weight in a foreign market. In our Canadian small cap portfolio, there have been many wealth-creating companies that were able to successfully expand and compete in the United States.
While investor apprehension in this environment is understandable, volatility in markets is both normal and expected. Looking back through our Art of Boring archive, we were struck by the enduring relevance of not letting fear guide investor decision-making during jittery times.
There is arguably another, more robust means of competitive advantage: that of barriers to capacity expansion. And this factors into one of the two main reasons behind limiting our exposure to the utility space.
To be sure, there are many reasons a company may prefer to turn to private investors over more traditional public markets, but as more companies choose private funding when they need to raise capital, what are the implications for investors in public markets?
Last week, Morningstar interviewed international equity portfolio manager David Ragan about finding resilient stocks in international markets during turbulent times.
How can a business continue to grow while still retaining the internal characteristics that helped contribute to its past success?
Canadian insurance companies are no longer just in the business of selling insurance to Canadians. They function more like financial conglomerates, and that, for investors, is potentially a good thing.
Given how often “defensive” enters into the investing lexicon and that it can mean different things to different people, aiming for a greater degree of precision in its definition may help to reduce misunderstanding or generalized historical bias.
In theory, investors should improve at least linearly over time as they make and learn from errors. But in practice, there seems to be little evidence of this (only few active managers beat the market over longer time periods).
Italy has been the source of drama in recent weeks, and it hasn’t all been about men racing bicycles in spandex.
These 15 questions are by no means exhaustive—they are not intended to be—but they serve as a helpful checklist for the main structural factors to consider when assessing a country’s macroeconomic backdrop.
Humans and machines have different strengths and weaknesses, and on our team, we tend to see the foreseeable future as a world in which the two work side-by-side. As with any tool, for machine learning to be useful, it is what it is being used for and how that matters.
It is possible for smaller companies to punch above their weight in a foreign market. In our Canadian small cap portfolio, there have been many wealth-creating companies that were able to successfully expand and compete in the United States.
While investor apprehension in this environment is understandable, volatility in markets is both normal and expected. Looking back through our Art of Boring archive, we were struck by the enduring relevance of not letting fear guide investor decision-making during jittery times.
There is arguably another, more robust means of competitive advantage: that of barriers to capacity expansion. And this factors into one of the two main reasons behind limiting our exposure to the utility space.
A look at the strategy a year on and why we think valuation should be more top of mind for investors.
How we approach finding new ideas in the widest investment universe.
Unpacking one of our key mental models around investing and managing risk.
Market drivers that stood out this quarter, where inflation is at, and an asset mix update.
Top highlights from the team’s recent research trips and a few business models we’re excited about.
A deep dive into key themes we’ve been focusing on, recent additions to the portfolio, and a few changes.
Why management teams matter, energy companies rarely meet our investment criteria, and JPMorgan and State Street differ from many regional banks.
Why genuine knowledge building and the ability to learn effectively in investing is difficult, and how we try to work around those challenges.
The major themes of the quarter, where we are in the interest rate hike cycle, and our thoughts on the recent banking crisis.
This episode, we discuss our seven-point management assessment framework (with examples), our risk management approach, and overall thoughts on energy.
Digging into last year’s performance drivers, the current opportunity set, and benefits of resuming boots-on-the-ground research.
The nuanced impacts of inflation to companies’ balance sheets that investors might be missing.
Chief Investment Officer Paul Moroz shares takeaways from the Research team's annual post-mortem discussions.
A look at the strategy a year on and why we think valuation should be more top of mind for investors.
How we approach finding new ideas in the widest investment universe.
Unpacking one of our key mental models around investing and managing risk.
Market drivers that stood out this quarter, where inflation is at, and an asset mix update.
Top highlights from the team’s recent research trips and a few business models we’re excited about.
A deep dive into key themes we’ve been focusing on, recent additions to the portfolio, and a few changes.
Why management teams matter, energy companies rarely meet our investment criteria, and JPMorgan and State Street differ from many regional banks.
Why genuine knowledge building and the ability to learn effectively in investing is difficult, and how we try to work around those challenges.
The major themes of the quarter, where we are in the interest rate hike cycle, and our thoughts on the recent banking crisis.
This episode, we discuss our seven-point management assessment framework (with examples), our risk management approach, and overall thoughts on energy.
Digging into last year’s performance drivers, the current opportunity set, and benefits of resuming boots-on-the-ground research.
The nuanced impacts of inflation to companies’ balance sheets that investors might be missing.
Chief Investment Officer Paul Moroz shares takeaways from the Research team's annual post-mortem discussions.